Currently, a consumer must be present at a point of sale to present a consumer's credit card, debit card, check or other mechanism for payment. The consumer may not be able to complete the purchase, in the event of loss of a credit card. Traditional purchase of goods and services at a point of sale require that a credit card holder be present at the time of the purchase. However, the actual consumer may not be a credit card holder, and may request that a credit card holder loan the credit card to the consumer in which event the credit card holder is without any control as to how the credit card is to be used by the consumer. Further disadvantages with the use of credit cards involve the number of transaction documents generated including credit/debit slips, checks, etc.
The use of credit cards, checks and debit cards creates a problem in the event the owner looses these transaction facilitating instruments. The credit card issuer must cancel the card, a financial institution must put stop/hold on checks or accounts must be closed. The consumer must then open new accounts and be issued new credit cards.
A need has thus arisen for a system and method for conducting transactions at a point of sale where a credit holder may be located remotely from the point of sale and where there credit holder can control the transaction from the remote location.